WARWICK – Webster Bank is providing $10 million in construction financing for the development of an ambulatory surgery and medical office center connected to Kent Hospital in Warwick.
The money is being provided to an affiliate of real estate investment management firm Seavest Inc. of White Plains, N.Y.
“Over the past two years we have financed multiple real estate projects for Seavest, including medical office buildings in Middletown, Conn.,” said Robin Gallagher, senior vice president, commercial real estate for Webster Bank. “We are very pleased to provide financial support to the organization’s latest project in Warwick, which we know will have a positive impact on Kent Hospital and the community it serves.”
The project includes a two-story, 62,000-square-foot class A medical office building on the campus of Kent Hospital. The hospital will lease 80 percent of the building, with the remainder going to private physician practices.
